FAQs

You can update your Aadhaar/PAN number through the following option –
Branch – You can visit any SLIC branch to update your Aadhaar / PAN and submit a self attested copy of your Aadhaar/PAN

Nomination is required because the nominated person claims the amount from the Life Insurance Company in case of the death of the Life Assured.

You can make or change nomination anytime during the policy term of your active policies by submitting a nominee change request form along with an application letter. Please do carry a copy of nominee KYC document. In case, you have not added a nomination during policy application, you must add a nomination for easy settlement of claims.

Mode change can be done for active policies, effective from the date of policy anniversary. The customer has to give the request at least 90 days prior to the date of policy anniversary.

Mode change can be done for active policies, effective from the date of policy anniversary. The customer has to give the request at least 90 days prior to the date of policy anniversary.

You can get your Premium Paid Certificate through any of these options:

Website: To view or download your Premium Paid Certificate, click on the below link and enter your policy number and date of birth.
https://shriramlife.com/premium-paid-certificate/

Customer Login: Log in to your online account and follow the below mentioned steps:

• Click on Premium Paid Certificate
• Select the policy number
• Select financial year and submit.

Call Us: You can call us on 1800 103 6116 from Monday to Saturday, 09 AM to 7 PM and give request for Premium Paid Certificate. After verification we shall send Premium Paid Certificate to your E-mail ID / Communication address as per our records.

E-mail Us: You can send us an email request at customercare@shriramlife.in . After verification we shall send Premium Paid Certificate to your E-mail ID / Communication address as per our records.

SLIC Branches: You can request for your Premium Paid Certificate at any of our branches.

You can also get your revival/ renewal quotation through any of these options:

Call Us: You can call us on 1800 103 6116 from Monday to Saturday, 09 AM to 7PM and give request for revival/ renewal. After verification we will send revival/ renewal quotation to your E-mail ID / Communication address as per our records.

E-mail Us: You can send us an email request at below mentioned E-mail ID.
customercare@shriramlife.in

SLIC Branches: You can request for your revival/ renewal quotation at any of our branches.

If you discontinue your payment of the premiums after paying for at least three or two years as the case may be, your policy benefits will reduce proportionately depending upon the conditions of the policy which you have taken. Such reduced value of the policy is called ‘Paid – up Value’ The paid-up value shall be paid at the end of policy term or on death within the policy term whichever is earlier.

Note:

• A paid up policy can also be surrendered at any time during the policy term.
• The paid up value shall exclude all the survival benefits paid.

If the premiums are not paid for the minimum period of 3 or 2 years as the case may be and if the subsequent premium is not paid within the grace period then the policy will lapse and no benefits will be payable under the policy. Such policy can be revived within revival period allowed under the policy by paying the arrears of the premium and the declaration of good health to the satisfaction of the insurer. If the policy is not revived within the revival period as stated above, the policy stands terminated and no benefits are payable

You can apply for loan on your traditional policy after completion of lock-in period and depending upon policy terms & condition. For details, please refer the loan section of your policy document. To apply for a loan, you can visit any of our branches.

You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, occupational change which may have an impact on your health, insurance cover with other companies, change in habits, change of residential status to NRI, etc.

You can submit letter through any of the following option:

SLIC Branches: You can submit letter at any of your nearest SLIC branches.
Courier to HO: You can post or courier letter to HO.

Shriram Life Insurance Company Limited,
Ramky Selenium, Plot No. 31 & 32,
Next to Andhra Bank Training Centre,
Financial District, Gachibowli, Hyderabad,
Telangana, India – 500032

Policy assignment is a method of transferring all benefits and rights under a life insurance policy to another person or institution. Assignment or transfer of a life insurance policy may be made by serving a notice of assignment in the prescribed format to the new insurer. And the new insurer will affect assignment by making an endorsement to that effect in the policy document. For assignment, please visit nearest SLIC branch.

No. The assignee will have to reassign the policy in your favour, to enable you to have the right to deal with the policy.

The additional benefits, over and above the benefits available under the insurance policy, that a policyholder may be entitled to at an extra cost are called Add – on Benefits or Riders.

SLIC offers you following riders :

1. Accident Benefit Rider
2. Extra Insurance Cover
3. Critical Illness Cover
4. Family Income Benefit

• You can create a login to yourself by clicking on the “Login “button on the right end corner of the landing page.
• A sign in page will appear, click on the “Create Account” Link for the New User registration.
• New User Registration form will be displayed.
• Select Sign Up as “Customer” for the Customer Login.
• Login Id can be given as per the customer convenience.
• Enter all the fields which are mandatory.
• Click on the “Register “button.
• You will get a “Successfully Registered “message and you can login with your credentials to avail the online services.

The ‘Fund Statement’ is a document which gives information related to the equity, debt and balanced funds you invest in. It also includes the concepts of Asset Allocation to help you get the most out of your investment over the policy term. If you need the fund statement, you can procure it by any of the following options
Call Us : You can call us on 1800 103 6116 and request for the fund statement
Branch : It can also be procured from Branch
Web portal: If you are a registered user, then you can download the same from the Shriram life Webportal

Fund switch is a feature of your ULIP policy through which you can transfer the current funds linked to your policy to another fund of your choice.. For some products the fund switches are free of cost, whereas, in some other products, 2 switches in a year are free and any subsequent switch is chargeable. Fill the fund switch request form and submit it at any of our SLIC branches.

Lock-in period is for five years (for plans issued on or after 01-Sep-2010) and three years (for plans issued before 01-Sep-2010) from the date of commencement of the policy, during which the proceeds of the discontinued policy cannot be paid by the company to the policy holder. Discontinued amount will be paid to nominee in the case of death or upon occurrence of any other contingency covered under the policy

You can check the fund value of your policy through your Login account.

• Once you login-in, click on fund details
• Click on policy number

Survival Benefit is payment of the Sum Assured in a specified number of instalments through the term of the policy. At the end of the policy term, the maturity amount is reduced by the amounts already paid. Balance amount will be paid along with Vested Bonuses. However, if death occurs during the policy term, the Sum Assured is paid in full without any deductions, along with the Vested Bonus.

We offer you a grace period for non-payment on the due date. This grace period is 30 days from the due date in case premium payments are made on a quarterly, half-yearly or yearly basis and 15 days from the due date for monthly payments. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium during the grace period, your policy will become lapses but can be revived by paying all unpaid premiums.

A lapsed policy can be revived during the lifetime of the assured, but within a period of 2 or 5 years (based on products approval from IRDA) from the due date of the first unpaid premium and before the date of maturity. The revival of a lapsed policy is considered either on non-medical or medical basis depending upon the age of the life assured at the time of revival and the sum to be revived. 

You can pay premium via NACH (National Automated Clearing House) by submitting the duly filled NACH mandate form along with a cancelled Cheque at any Shriram Life Insurance Branch or Divisional Offices or hand it over to agent. You can also register NACH mandate online. This facility enables to set up auto-debit instructions on your bank account for regular debit of your premium amounts depending on your premium due date.
Click here to submit the online NACH registration.

The death claim is paid to:

• The nominee, as declared by you in the proposal form.
• The legal heirs, in case you have not specified the nominee.
• The appointee named by you, in cases where the nominee is a minor at the time of claim.
• The assignee in case there is a registered assignment.
• The Karta, if the policy is issued under the HUF Clause.
• The Trustee, if policy is issued under the MWP Act.

When a life assured dies, a claim intimation should be sent to our company as early as possible. The assignee or nominee under the policy can intimate the death claim.
Documents required for making a death claim are:

• Filled-up claim forms
• Certificate of death
• Original Policy document
• Deeds of assignments/ re-assignments (if any)
• Legal evidence of title, if the policy is not assigned or nominated
• Form of discharge executed and witnessed (Since the inception of NEFT payments, Discharge form requirement has been stopped)
• Complete Bank Details of the Beneficiary.

Other documents such as hospital certificate,FIR report, post mortem report etc could be called for, as applicable.

If your documents are complete and we need no further documentation, we settle your death claim within 30 working days. In case the claim requires further investigation, the same will be completed by us within a reasonable time.

You can intimate a claim through below mentioned options:

• Call us at 040-23009400 Ext 664 (Monday to Friday 09:00 am to 05:00 pm)
• Visit your nearest Shriram Life Insurance branch
• E-mail us at claimsupport@shriramlife.in

When a life assured dies, a claim intimation should be sent to our company as early as possible. The assignee or nominee under the policy can intimate the death claim.

Ans:- In case of more than one nominee, KYC documents of all nominees along with death claim required documents need to be submitted at the time of claim.

The original Policy Document is mandatory for processing any claim; however if the same is lost or misplaced we may call for some indemnity bond or alternate document / s and the claim is processed further.

Yes. Death due to terrorist attack / war / natural calamities is covered under basic benefit in life insurance policy (unless specifically excluded in Policy Contract) and the claim is settled if all the documentation is in order and all the conditions are fulfilled.

The nominee/ beneficiary has to first approach the ICRC (Internal Claims Review Committee) of SLIC, in case of a claim dispute. In case the nominee is not satisfied by the response, the nominee/ beneficiary may write to the Grievance Redressal Cell of IRDAI. The issue will then be taken up with the concerned Insurance Company.

If the complainant is looking for a judicial decision in respect of claims, he or she may approach the Insurance Ombudsman. For more information on the Insurance Ombudsman, please refer your Policy Document.

In such case, the proof of title/succession certificate issued by a competent court will have to be submitted by the claimant. The claim would then be paid to the person specified in the said proof. Such a condition is called ‘Open Title’ situation.

If nominee dies during the policy term, then life assured should nominate some other person in place of deceased nominee under section 39 of insurance act.

Yes, GST will be applicable to NRI customers, provided the consideration is not received in foreign exchange. In such case, IGST will be charged to NRI customers. Rate for NRI customers will be same as the Resident Indian customers.

Yes, GST is applicable on premiums of all insurance policies, except the following:

1. Janashree Bima Yojana (JBY);
2. Aam Aadmi Bima Yojana (AABY)
3. Life micro-insurance product as approved by IRDA having a maximum amount of cover of Rs 50,000/-
4. Varishtha Pension Bima Yojana
5. Pradhan Mantri Jeevan Jyoti Bima Yojana
6. Pradhan Mantri Jan Dhan Yojana
7. Pradhan Mantri Vaya Vandan Yojana
8. Any other insurance scheme of the State Governments as recommended by the GST Council.

The following are the existing product (category-wise) GST rates:

• Term Plans/ Health Plans / Riders – 18%
• ULIP Charges / Other Charges – 18%
• First Year / Single Premiums – 4.50%
• Renewal Premiums – 2.25%
• Single Premium Annuity Plans – 1.80%
  * Subject to changes in tax laws. Same rates apply to Non-Resident customers (NRIs) as well.

If policy premium is due for payment on or after the roll-out date of GST, then GST will be applicable on premium. If the premium is paid in advance, there would be no implications under the GST law. However, for premium not paid or balance amount due, the same would be taxed at the GST rate.